What are the tax penalties imposed if I am given a distribution in a divorce in the form of an IRA and I want to cash in the IRA

The amount of the IRA will be taxed at your normal federal and state income tax rate. In addition, there is a 10% additional tax if you are not at...

If I transfer my rental home to an LLC partnership how will I get taxed upon selling it?

The transfer of the rental home to the partnership is income tax free. Section 751 IRC. The LLC income tax basis and holding period will...

If my company buys another company that has some tax penalties, do I become liable for those debts?

You should have an attorney represent you in this matter. The attorney should get a lien and judgment search. These liens and judgments should...

Dad died in 2001, left all to his wife (no known probate ). She died last May. No word on estate. No probate. What now? Thx.

Correct me if I am wrong: You are not related by blood to your father's wife. Therefore, you are not an heir of your father's wife and do not...

Can i sued a bookkeper that prepared my taxes and now i owe for audit?

To recover, you must show that the bookkeeper was negligent when preparing the return and that negligence caused you to pay more tax than you...

Can I file divorce for Texas inmate if I have POA?

Appearing for someone else is the practice of law. Unless you are admitted to the Texas Bar, you are not allowed to appear for someone else.

I filed a petition for letters of office for my step dad' s estate.it is a small estate.why do I need an attorney?

You need an attorney because you do not know what you do not know. The probate judge expects that you will follow all of the procedures...

Can I get help?

You will need to retain an attorney that is located within the state where the probate court is located. If this is not where you live, an...

Lending requirements of equity withdrawal from investment property a year after its acquisition.

What you want to do sounds legal. However, you should be asking your questions to a lender.

Selected as the best answer

RE: The assets that were solely in your aunt's name. The assets that are solely in your aunt's name can be obtained using a small estate...